The real reason Million Dollar Secret winner Nick won’t get to keep all his prize money
He's going to lose almost half of it
Nick is the official winner of Million Dollar Secret season two, however there’s a legal reason why he won’t actually be able to keep all of his winnings.
Nick successfully won a whopping $1 million at the end of season two, and even revealed his plans on what he’s going to spend his winnings on. He told TVBrittanyF: “I just want to invest back in myself. I realized that I want to be entrepreneurial and build businesses, a couple years back. I didn’t know it was going to lead me to reality TV. But for now, just build a personal brand. Invest back into that audience and go from there.”
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However, Million Dollar Secret season two winner Nick won’t have quite the full $1 million prize money to invest back in himself, as in the USA gameshow winnings are treated as taxable income. This means that whilst Netflix awarded him the full $1 million, as Nick currently lives in Miami he will have to pay a hefty 37 per cent federal tax on his winnings.
Luckily, as he lives in Florida he won’t have to pay any state tax for the winnings, but it means he’ll only get to keep $630k to $670k after paying around $330k in federal tax. If Nick was to live in California or New York he’d have to also pay an additional state tax on his winnings, so the moral of the story is to make sure you think about the state you’re living in before you go on a Netflix show with a monetary prize at the end!
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